又见银行理财子公司参与IPO网下打新 业内人士认为投研能力建设仍是关键

Core Viewpoint - The participation of bank wealth management subsidiaries in IPO offline subscriptions is increasing, with Ningyin Wealth Management becoming the second bank to engage in this area after Everbright Wealth Management, indicating a growing trend in the industry towards direct involvement in equity markets [2][3]. Group 1: Participation in IPOs - Ningyin Wealth Management has successfully participated in three IPO projects in July, with effective bids from multiple mixed wealth management products [3]. - In the IPO project of Tianfulong, Ningyin Wealth Management's three mixed products successfully bid at a price of 25.14 yuan per share, with allocated shares of 1211, 1526, and 1526 respectively [3]. - The involvement of bank wealth management subsidiaries in IPOs is expected to provide long-term capital support to the capital market and enhance investor service through product innovation [3]. Group 2: Regulatory and Market Context - The revised "Securities Issuance and Underwriting Management Measures" in March 2023 allows bank wealth management products to be included in the priority allocation for IPOs, enabling direct participation in offline subscriptions [4]. - Despite the regulatory changes, the actual participation of bank wealth management subsidiaries in IPO offline subscriptions remains limited due to compliance and operational challenges [4][5]. Group 3: Challenges and Recommendations - Bank wealth management subsidiaries face challenges in developing the necessary research and investment capabilities for effective participation in IPOs, as their current asset allocation is predominantly in fixed-income assets [5][6]. - It is recommended that these subsidiaries enhance their research capabilities, innovate product designs, and improve customer education to better align with market demands and investor preferences [6].